Research has shown that the price of Prime Housing outside London rose at its fastest pace in ten years.
In general, the prime market is composed of between 5 and 10 percent of all homes valued.
They are often the most desired and costly properties in any given area. You can find them in both coastal and country properties.
Londoners spent a record £54.9bn on properties outside the capital this year – the highest value on record by far and more than double 2015’s figure
As buyers look for extra space, and make lifestyle changes due to the pandemics, the average price of prime property markets in capital cities has increased by 9.3% this year. According to Savills, it is the largest annual increase since 2010, the firm that deals with real estate, Savills.
The strongest properties were those located near the ocean, the beautiful Cotwolds countryside or commutable private land.
Cotswolds country houses worth more than £2million typically piled on nearly a quarter (23.4 per cent) to their value, with demand coming from local homeowners looking to upsize, those relocating and aspiring second home owners.
Savills said that prime coast markets such as Cornwall and Devon experienced an average price increase of 15.6 percent during 2013, driven by increasing demand and declining supply.
This price growth has been achieved by only six of the capital’s most expensive houses.
Average property prices in London were 2 percent. ‘In these markets, the rarity factors – whether it’s a rarely available type of property, the most sought after locations, or simply the best view – have combined with high levels of buyer demand and wealth to create pockets of extremely strong market conditions,’ said Frances Clacy of Savills.
Research by Hamptons shows the number and value of new homes bought outside the capital by Londoners
Contrary to home-movers and investors, first-time buyers are moving more frequently out of London than other homeowners.
On average, Londoners enjoy a comfortable £18,980 gap between their sale price and their property purchase
“The new buyer numbers for the month of September are 1.5 times greater than in the previous two years before the pandemic. This suggests that the trends may continue into next year’s first half.
Prices rose 9.1% year-on-year in prime urban areas, while prices rose 9.4% in rural markets around cities like York, Cambridge, Edinburgh and Cambridge.
Miss Clacy commented that there has been a rise in demand for prime locations. However, rural and village market value will drive continued demand due to their underperformance over the longer-term.